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To submit a news release, use this form. ![]() IFIC Comments on Ontario Securities Commission's 2016-2017 Statement of PrioritiesMay 9, 2016IFIC Comments on Ontario Securities Commissions 2016-2017 Statement of PrioritiesEmphasizes need for regulatory efficiency and calls for added focus on vulnerable investors Toronto, ON May 9, 2016 In a submission filed today (https://www.ific.ca/wp-content/uploads/2016/05/IFIC-Submission-Ontario-Securities-Commission-2016-17-Statement-of-Priorities-May-9-2016.pdf/13971/) on the Ontario Securities Commissions (OSC) 2016-2017 Statement of Priorities (http://www.osc.gov.on.ca/en/SecuritiesLaw_sn_20160310_11-774_rfc-sop-end-2017.htm), The Investment Funds Institute of Canada (IFIC) notes that several key trends and challenges that will influence the OSCs policy agenda in the year ahead are also shaping Canadas investment funds industry. The OSCs focus on changing demographics, technological innovation, globalization and regulatory balance align with the challenges and trends that the industry is facing, states Joanne De Laurentiis, IFICs president and CEO. These challenges will also inform how we jointly approach our shared interests of promoting investor protection, fair and efficient capital markets and ultimately, the financial well-being of Ontarians. In addition to commenting on the priorities put forward by the OSC, IFIC is encouraging the Ontario regulator to consider several other areas that will strengthen the industrys ability to look after the investors interest: -Guidance on cybersecurity to protect the integrity of the capital markets and investor information; -Rationalize existing duplicative and overlapping rules that add costs to services and products delivered to investors; and -Work with all stakeholders to address issues facing seniors and vulnerable investors. Regarding guidance on cybersecurity issues, IFIC welcomes the OSCs proposed initiatives, particularly as they relate to increased collaboration and communication with market participants. Regulators should collaborate with industry to ensure broad awareness, and to develop tools and best practices to allow all market participants to be prepared for potential cybersecurity risks that lie ahead. In the area of responsive regulation, IFIC stresses the importance of allowing reforms such as the pre-sale delivery of Fund Facts and CRM2 to be fully implemented and evaluated to determine whether they have achieved the regulators objectives before moving forward with significant new measures. The industry also recommends that the OSC expand its focus on seniors and other vulnerable investors beyond education to include collaboration with the industry and other stakeholders to create a framework for addressing issues associated with cognitive decline and third-party fraud. Finally, the submission calls for the facilitation of inter-provincial enforcement activities. About IFIC The Investment Funds Institute of Canada is the voice of Canadas investment funds industry. IFIC brings together 150 organizations, including fund managers, distributors and industry service organizations, to foster a strong, stable investment sector where investors can realize their financial goals. By connecting Canadas savers to Canadas economy, our industry contributes significantly to Canadian economic growth and job creation. The organization is proud to have served Canadas mutual funds industry and its investors for more than 50 years. 30 For more information: Sara Clodman, Senior Manager, Public Affairs sclodman@ific.ca 416-309-2317 For more information contact: Sara Clodman Senior Manager, Public Affairs The Investment Funds Institute of Canada (IFIC) Phone: 416-309-2317 Email: sclodman@ific.ca Website: www.ific.ca Click here to view our Sources Listing: The Investment Funds Institute of Canada (IFIC)Topics: |